Goldman Sachs Shared Responsibility?
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Code : GOV0060
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Region : US |
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Introduction: After the US financial crisis broke out, Goldman Sachs (Goldman), till then, one of the most profitable and powerful investment banks in the world suddenly found itself, the favorite target of anti-bank protestors. The highly reputed bank, once admired by everyone, faced criticism for its role in the US financial crisis. The Wall Street giant faced allegations of misleading its clients while issuing mortgage related securities. The US Senate Permanent Subcommittee on Investigation on Wall Street and the Financial Crisis , concluded that Goldman executives had violated the law by misleading their clients who had bought the complex securities, known as collateralized debt obligations, concealing the fact that the firm would benefit if the securities lost their value. The Securities Exchange Commission , in April 2010, also claimed that Goldman had misled investors who had bought mortgage-related securities by not disclosing to them that the securities were created to fail... |
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